Chaarat Gold Holdings has completed the sale of its Kapan mine in southern Armenia. The transaction amount is $55.4 million. Now, the mining company intends to focus on developing its assets in Kyrgyzstan.
As reported by Chaarat Gold, its subsidiary, Chaarat Gold International, has completed the sale of the Kapan enterprise, which is developing a gold-bearing and polymetallic deposit near the city of the same name in southern Armenia.
The buyer of the asset was the Armenian Gold Mining Company. The transaction amount was $55.4 million. Of this, the new owner will receive only $5 million. The rest of the amount will be used to pay off Kapan’s debts.
“The sale allows Chaarat to focus on growth opportunities by advancing its Tulkubash and Kyzyltash projects in Kyrgyzstan,” Chaarat executive chairman Martin Andersson said in a statement.
Chaarat Gold Holdings is registered in the British Virgin Islands. Its shares are traded on the AIM market of the London Stock Exchange, an alternative, less restrictive share market aimed at young companies.
Chaarat Gold owns two licenses in Kyrgyzstan for the development of the Chaarat gold deposit, and one license for geological exploration at the same mine. In 2018, Chaarat Gold tried to buy the Kumtor mine development enterprise from the Canadian Centerra Gold, but the deal did not go through .
